Italian cargo carrier Ocean Airlines has filed to enter receivership after failing to finalise a deal to secure a new investor to recapitalise the company.
The Brescia-based carrier, which has been grounded since January, had been looking to secure new investment after being forced to drop plans for an initial public offering last August, following the deterioration in the financial markets.
It had been hoping to restore operations after lining up a €35 million ($55 million) cash injection in return for equity from an unidentified investment trust.
“The board of directors, Collegio Sindacale [board of auditors] and management of Ocean Airlines have all worked long and hard with the proposed new investor to complete a very extensive due diligence in order to bring the proposed refinancing of the airline to a satisfactory conclusion,” says Ocean Airlines CEO Rossano de Luca.
“Despite our best efforts the final result is negative so, reluctantly – but as is necessary – the board and the Collegio Sindacale have requested me to file for the appointment of a receiver.”
De Luca lays the blame for the carrier’s demise as a direct result of the major deterioration in stock markets and the banking crisis which forced it to postpone its planned IPO.
“Ocean's problems have arisen due to events totally beyond the control of the company's management; our industry has been hard hit both by the financial crisis and the dramatic rise in fuel costs,” he says.
Ocean launched operations in late 2004 and had been operating a pair of Boeing 747-200 freighters. Last year it agreed to acquire six ex-Air France Boeing 747-200Fs which were set for delivery this year.
Source: Air Transport Intelligence news
Source: FlightGlobal.com
